On March 1, Amy Dart began Dart Delivery Service, which provides delivery of bulk mailings to...
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On March 1, Amy Dart began Dart Delivery Service, which provides delivery of bulk mailings to the post office, neighborhood delivery of weekly newspapers, data delivery to computer service centers, and various other delivery services using leased vans. On February 28, Dart invested $20,000 of her own funds in the firm and borrowed $8,000 from her father on a six-month, non-interest-bearing note payable. The following information is available at March 31: Accounts Receivable Rent Expense Advertising Expense Supplies Expense Accounts Payable Salaries Expense Miscellaneous Expense $10,700 Delivery Fees Earned $23,300 2,500 Cash 12,700 1.100 Supplies Inventory 15,800 2.500 Notes Payable 8,000 900 1,400 Insurance Expense 6,200 Common Stock 20,000 300 Retained Earnings 7 Required a. Prepare an income statement for the month of March. b. Prepare a balance sheet as of March 31. On March 1, Amy Dart began Dart Delivery Service, which provides delivery of bulk mailings to the post office, neighborhood delivery of weekly newspapers, data delivery to computer service centers, and various other delivery services using leased vans. On February 28, Dart invested $20,000 of her own funds in the firm and borrowed $8,000 from her father on a six-month, non-interest-bearing note payable. The following information is available at March 31: Accounts Receivable Rent Expense Advertising Expense Supplies Expense Accounts Payable Salaries Expense Miscellaneous Expense $10,700 Delivery Fees Earned $23,300 2,500 Cash 12,700 1.100 Supplies Inventory 15,800 2.500 Notes Payable 8,000 900 1,400 Insurance Expense 6,200 Common Stock 20,000 300 Retained Earnings 7 Required a. Prepare an income statement for the month of March. b. Prepare a balance sheet as of March 31.
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Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
Posted Date:
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